In the Name of Allah, Most Gracious, Most Merciful.
All praise and thanks are due to Allah, and peace and blessings be upon His Messenger.
In this fatwa:
In his response to your question, Prof. Dr. Monzer Kahf, Professor of Islamic Finance and Economics at Qatar Faculty of Islamic Studies, states:
However, it has the following conditions:
1- It is for families who require housing for themselves for reasons of security, education, neighborhood, etc.
2- There must be no Islamic finance available for them.
3- It is for residence not for investment.
I suggest that you should check first for Islamic finance, there are several companies which offer it in Canada and US.
Almighty Allah knows best.
Editor’s note: This fatwa is from Ask the Scholar’s archive and was originally published at an earlier date.